N.Y. Med-Mal Insurer Moves Into 3 More States

J.M. Woodworth Risk Retention Group Inc. (RRG), a provider of medical malpractice insurance to physicians and surgeons in New York, is extending its operations to Connecticut, Massachusetts, and New Jersey, Sanford Elsass, president of The Uni-Ter Group, Woodworth's underwriting manager, announced.

J. M. Woodworth has registered with the Insurance Departments of Connecticut, Massachusetts, and New Jersey. The company is domiciled in Nevada. Under the federal Risk Retention Act as amended in 1986, RRGs domiciled in a single state can do business in any other state without being subject to the regulatory authority of that state.

Woodworth opened for business in 2006 with operations exclusively in New York. The company has grown as an alternative market for doctors who were faced with prohibitive med mal premiums. New York has long been known as a "crisis state" burdened with malpractice litigation and the failure to enact tort reform.

Woodworth is rated "A Exceptional" by Demotech Inc., a leading financial analysis, actuarial, and rating firm.

The Uni-Ter Group builds and manages Risk Retention Groups in the healthcare industry. It provides Woodworth with administrative, underwriting, claims, risk management, marketing, regulatory, and reinsurance services. Uni-Ter also oversees auditing, actuarial, investment, and legal services on behalf of the RRG board. Uni-Ter is a subsidiary of U.S. RE Companies Inc., an international financial services firm.